SEOUL (Reuters) - Hyundai Motor Group (KS:005380) Chairman Mong-Koo Chung plans to give up his board seat, in the latest sign that the octogenarian patriarch of South Korea's second-largest conglomerate is preparing to hand the reins over to his son.
The company said on Wednesday it would propose Chief Financial Officer Kim Sang Hyun as a replacement for Chung on the board. Shareholders will vote on the proposal during a meeting on March 19.
Chung, the son of Hyundai's founder, has been stepping back from frontline operations in recent years.
Meanwhile, his son and heir-apparent, Euisun Chung, has become increasingly visible since being promoted to executive vice chairman in 2018.
Mong-Koo Chung is the only one of five executive directors whose term expires this year, Hyundai's website showed.
![](https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEG1I0LC_L.jpg)
He will remain as chairman and as an executive who does not hold a board seat, a spokesperson said.